Here is one way of considering price reversal for the Kiwi Dollar from 65c to 62c through the month of June 2022.
Recent price action may have seen a top at .6575 , and there is a hint of a double top. The intraday chart is making lower highs and lower lows suggesting a downward channel.
IF this reversal continues then a trade short within 2 support and resistance levels of the recent uptrend can be considered (on the chart).
The trade is invalidated with a stop just above .6575.
Risk reward is conservative at 2+ .
Recent price action may have seen a top at .6575 , and there is a hint of a double top. The intraday chart is making lower highs and lower lows suggesting a downward channel.
IF this reversal continues then a trade short within 2 support and resistance levels of the recent uptrend can be considered (on the chart).
The trade is invalidated with a stop just above .6575.
Risk reward is conservative at 2+ .
Comment:
The rainbow was completed on the 15th of June.